PM Modi Envisions India as a 5 Trillion Dollar Economy and Global Growth Engine at BRICS Business Forum

India's Economic Aspirations and Global Influence

Attention India
4 Min Read

22 August 2023, Mumbai: During the BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa, Prime Minister Narendra Modi conveyed his belief that India is on the trajectory to become a 5 trillion dollar economy and a driving force of global growth in the near future. He expressed gratitude to South African President Cyril Ramaphosa for hosting the meeting and acknowledged the significance of the BRICS Business Council’s role in enhancing economic cooperation.

BRICS: A Beacon of Hope

Prime Minister Modi praised the pivotal role that the BRICS (Brazil, Russia, India, China, South Africa) grouping has played since its inception in 2009. He reflected on the world’s emergence from a severe financial crisis back then and how BRICS brought a ray of hope to the global economy. Despite the ongoing challenges posed by the Covid pandemic, conflicts, and economic struggles, PM Modi underscored that BRICS remains important in the current economic landscape.

India’s Transformative Approach

PM Modi highlighted India’s proactive approach to turning crises into opportunities. He emphasized the implementation of mission-driven reforms, the reduction of bureaucratic hurdles, and the resulting increase in investor confidence. India’s commitment to reforms and its growing appeal as an investment destination have positioned the country for economic advancement.

BRICS Leaders’ Dialogue

The Prime Minister participated in the BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa. The event brought together the leaders of BRICS countries—Brazil, Russia, India, China, and South Africa—to discuss and deliberate on economic matters of mutual interest.

Bilateral Engagement and Diplomatic Ties

PM Modi’s visit to South Africa aligns with the invitation extended by President Matamela Cyril Ramaphosa to attend the 15th BRICS Summit. The visit also commemorates the 30th anniversary of the diplomatic relationship between India and South Africa. The Prime Minister expressed his eagerness to hold bilateral meetings with several leaders present at the summit.

BRICS’ Impact and Global South Concerns

Modi emphasized BRICS’ role as a platform for collaboration across sectors. He noted its significance in addressing concerns of the Global South, encompassing development priorities and multilateral system reforms. The PM acknowledged BRICS as a forum to deliberate on issues that impact a broader spectrum of nations beyond the member countries.

BRICS Summit and Africa’s Role

South Africa holds the presidency of BRICS this year, and the summit’s theme, “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism,” underlines the importance of collaboration with the African continent. The summit signifies the first in-person meeting after three consecutive years of virtual sessions due to the Covid-19 pandemic.

As Prime Minister Modi participates in the BRICS Summit, his words resonate with India’s determination to advance its economy and contribute to global growth. The gathering not only reaffirms the unity of BRICS nations but also highlights the significance of international collaboration in navigating challenges and shaping a resilient economic future.

Share This Article
Leave a comment

Leave a Reply